WASHINGTON–The Financial Crimes Enforcement Network (FinCEN) said it will host a special monthly virtual FinCEN Innovation Hours Program on June 10 that will focus on the important role of underserved groups in developing technology to fight illicit financial activity and protect the nation’s security.
FinCEN is encouraging participation by fintechs and regulatory technology (rRegtech) companies, venture capital and investment firms, and financial institutions majority founded, owned, or managed by underserved groups.
“FinCEN requests that demonstrations highlight how these innovations work and how financial institutions or business and retail consumers might use them, or how they may support private- and public-sector efforts to enhance our national security,” the agency said.
Each meeting will last no longer than an hour.
FinCEN announced the Innovation Hours Program on May 24.
Innovation ‘Pilots’
“The Innovation Hours Program is part of a broader FinCEN Innovation Initiative, which seeks to promote innovation by supporting, where appropriate and feasible, innovation pilot programs, and enhanced feedback and information sharing programs,” FinCEN said.
According to FinCEN, interested companies should submit a request online no later than May 10, 2021, and provide applicable background information about their firm’s business and innovative products. Only firms certified under the Small Business Administration Section 8a Business Development Program will be considered for participation in the demonstration sessions.
The number of individual demonstration sessions will be limited, FinCEN said.